New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-02-15
oLo&Ss PRICES OF CALIFORNIA srooxs


MONDAY, Feb. 14-P. NJ
The official statement of the Manhattan Elevated Rail
road Company to the State Commissioners for the three
months ended December 81 1885, possesses more than
usual interest because is the quarterly statement
of the company during which five fares ruled during
the whole period Compared with the same quarter OF
1880 when the fares ten cents except during the
morning and evening commission hours the gross eari-
ings from traffic show increase Of $210.35i but the
operating expenses increased S2O3576 leaving an
increase I'm the net earnings from traffic OF only
s6,77s which Is small compensation Tor
the extra wear and tear of equipment
occasioned by the larger amount OF traffic The income
from other sources increased $685. leaving the net IN
at So $780, The first charges for the last quarter
were S321s9 greater than for the quarter OF 1882 NO
that the balance last quarter less than
for the quarter OF 1885 and left surplus after the pay
ment OF 1i9 per cent dividend the stock OF only
$20623. The comparative statements presented De-
low under the head OF " Railroad Earnings"
The week opens with the speculative conditions n,
the Stock EXCHANGE unchanged II Is true that there
exists large and active Short" interest In tho market
but II Is not true that the market Is sustained by cqes
II Ia true that the public" the moment not buyer
TO any extent, and It is that thus far all the
scares" which has been sprung upon the market have
failed to bring 10 the market the stocks and bonds which
the public" heretofore had purchased. Todays opera
tons have clearly demonstrated upon which side OF the
speculation manipulation Is employed The market
opened quiet under a hanmerng 10 was dul. so uhii
tina, prices cou have been easily advanced by the
ciqucs II there any, than later they depressed
by free Offering Of short" stocks. Newiiaven IN
quirer has asked to explain what difference II makes
to the market whether the stocks sold " short or
d" long" stocks. When operator buys stocks which
he cannot pay for and which he intends to carry on
margin he has opened account that sooner or later
must be- liquida,cd When operator
sells which he does Is carrying on
ma he M an M what his
wealth may he must liqudated. Either operation may
be closed Mt profit loss according as the market
the financial abilities OF the operator give
him staying qualities. In dull market the selling OF
" long or" short Is equally effective prices during
the operation but In the It Il liquidation com
petcd, and In the other 1t Ia sales which must be re-
coupcd at some price. To-day in the last hour. after
dull and steady market during the early part OF the dag
the prices depressed by sales Of short stocks;
these stocks may be repurchased ut lower or higher
figures but repurchased they must be. III the sales
had been OF long stocks. the sellers could have
retired with interest perhaps, and entered the mar
kct at their sweet pleasure We trust our friend
with fifteen years experience In Wall street" compr
bends the difference Our reply 10 our New Haven
correspondent series rs description OF todays STOCK
market, which perhaps Is better than we could have
given except for his inquiry. The alleged for the
decline Of the late afternoon the senng Of foreign
exchange. which I'm the Boariroom repufed 10 be
up TO the specie shipping point sight sterling to
- ssi2. which is Il below the shipping point IL
probable that will reach the shipping point and
that some gold may out: but with the
OF merchandise imports January bring some
SIC 100000 greater than In January 1856 and with the
prospect that February will make equally favorable
balance. and iojays gain 10 the Bank OF England Of
s4i5oo0 gold aud easy money In London. there Is little
probability OF the gold exports for the reaching
the figures of the spring OF 1885. when hurt
by them except those who sold stocks short" Rich
mond AM West Point exceptionally strong and
from 40 to a. and closed 47 but the closed
generally weak In figures.
Government bonds unusually DUH but steady at
unchang ed quotations as follows: